TIMELINE: HOW BRITAIN’S BANKING SECTOR WENT SOUR November 3, 2009 21 February, 2008Britain passes legislation allowing the government to nationalise Northern Rock after rejecting two private bids. Northern Rock is nationalised months after the Bank of England stepped in to provide support. 21 AprilThe BoE unveils the Special Liquidity Scheme to swap banks' risky mortgage assets for at least £50bn of government debt. 18 SeptemberLloyds [...]
UBS unveils another loss amid reshape November 3, 2009 SWISS bank UBS has reported a third quarter loss of SFr564.4m (£337m) after being hit by a hike in accounting charges. The result means the bank has now suffered four successive quarters of losses as it restructures in the face of the credit crunch. UBS, Switzerland’s largest bank, has been particularly badly hit by the [...]
Bank stocks ruffle the FTSE 100 as investor sentiment is hit by shake-up November 3, 2009 THE FTSE 100 briefly dipped below 5,000 for the first time in over a month yesterday, as banking stocks were hit by the shake-up of Royal Bank of Scotland (RBS) and Lloyds Banking Group. Royal Bank of Scotland was the worst hit of the five large-cap banks, dipping by 15 per cent in early trading. [...]
Bank brands to disappear November 3, 2009 A CARVE-UP of British high street banks will leave the future of a catalogue of household names in the balance. RBS must sell Direct Line and Churchill as well as 318 other branches as new EU orders kick-in. Meanwhile at Lloyds the TSB and Cheltenham and Gloucester are also in line for the cull, changing [...]
DO YOU WELCOME CONFIRMATION OF THE BREAK-UPS? November 3, 2009 PAUL MUMFORD CAVENDISH AM“The agreement to limit cash bonuses at both banks is evidently a political gesture rather than a move designed to tackle the structure of the financial system or remuneration itself.” JOHN CRIDLAND CBI“The priorities for the government must be financial stability and reduced risk for the taxpayer. It has done the right [...]
Bank changes affect millions November 3, 2009 MILLIONS of retail banking customers will be affected by the sale of Lloyds Banking Group and Royal Bank of Scotland assets, but it could be four years before the process is complete. Spokespeople for both RBS and Lloyds both stressed yesterday that it was “business as usual” until further notice, and that any disruption will [...]
CITY VIEWS: DO YOU WELCOME THE SELL-OFF OF RBS AND LLOYDS’ BRANCHES? November 3, 2009 SANJAY RIJHWANI TOKIO MARINE“Competition is always a good thing, but I’m concerned as a taxpayer about the price we’ll sell the branches off at. I’m also worried that the big banks might just buy them back in five or so years, after the slump is over.” ROBERT WEBB CHAUCER“I’d certainly consider changing my bank – [...]
CITY’S BIG SPENDERS PROVE EASY TARGET FOR DEN OF DEBAUCHERY November 3, 2009 AFTER all the talk of City types shying away from blowing their cash in lap-dancing clubs in these bleak post-crisis days, it comes as a bit of a surprise to see that one such chain has opened up yet another den of debauchery on the fringe of the Square Mile. Yes, club operator Secrets, which [...]
CITY EYE November 3, 2009 CITY workers thronged the area around St Paul’s Cathedral last night for the switching on of the Christmas lights. Actor Bob Hoskins did the honours with the lights, while the entertainment was provided by pop star Little Boots, the St Paul’s Cathedral Choir, the cast of West End musical Hairspray and wrinkly Eighties crooners Spandau [...]
L&G is upbeat but sales fall November 3, 2009 LEGAL & GENERAL (L&G) saw new business sales fall 5.4 per cent over the past quarter but the trimmed-down insurer said it was now positioned to capitalise on a “modest recovery” in the UK economy in the months ahead. L&G said new business totalled £312m in the three months to September compared to £330m in [...]
